“IIFL Capital has initiated coverage on Adani Power with a 'buy' recommendation and a 12-month price target of ₹240 per share, implying a 9% upside. The brokerage highlights the company's strategy of capturing cyclical arbitrage in asset creation, a large growth pipeline (23.7 GW new coal capacity), and expected EBITDA CAGR of 20% over FY26-29. Downside risks include execution delays and weak spot tariffs.”